Oil prices fall on relentless rise in U.S. crude output

Brent crude, which is the worldwide benchmark of crude oil, had opened 2018 at $64.73.

Oil risks sliding back under $60 a barrel as a surge in US shipments to Asia threatens to undermine a deal between OPEC and its allies, according to ING Groep NV.

"The market switched from backwardation to contango in the crude oil curve today. that's a situation that implies weakness; it's a situation that, if it persists, will lead to an increase in storage", said Bob Yawger, director of energy futures at Mizuho in NY. Healthy demand and ongoing supply restraint by a group of producers led by oil cartel Opec and Russian Federation, however, have so far prevented further price falls. ING forecasts Brent at $57 in the second half of 2018.

Crude's rebound since a year ago is encouraging American drillers to pump even as they make efforts to be disciplined on spending, Patterson said.

Oil prices were down on Monday as investors grappled with ongoing concerns over rising USA output and tight OPEC supply, while the benchmark US yield hovered near multi-year highs ahead of an auction later in the day.

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"Nothing really stood out", said Goncalves, head of US rates strategy at Nomura Securities International in New York."You can consider that a good thing, given this year will see more and more Treasuries issued".

"Oil prices pulled back yesterday as basic fundamentals of oversupply continued to worry the markets", said Sukrit Vijayakar, director of energy consultancy Trifecta.

OPEC has been reducing output by around 1.2 million barrels per day (bpd) since January 2017. This expected increase would top the 105,000 bpd climb in March from the previous month, to what was then expected to be a record high of 6.82-million bpd, the EIA said. Asia is the biggest buyer of the supplies.

USA stocks, though, were little changed on Monday, with the S&P 500 .SPX up 0.1 points, or 0.00 percent, to 2,786.67.

According to multiple sources, the United States crude may fall back to its December oil production which reached whopping 10 million barrels per day.

"Nothing really stood out", said Goncalves, head of U. "The deal will still officially be in place, but once we get into 2019 there's no chance that we will see some sort of deal".

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